A Conversation for Lloyd's of London - from Coffee House to Insurance Market
My first edited entry
Baron Grim Posted Oct 31, 2003
Yes, Very nice, Tenaka. I knew some of the history of Lloyd's and your article nicely filled in the gaps. I seem to remember that in the early years, the Names at Lloyds didn't accept 'premiums' as such but would receive a portion of any profits should the ship being 'insured' survive it's journey and off-load it's cargo. If the ship sank the Names would cover the ship owner's losses. The difference between flotsam and jetsam becomes important here. Technically, jetsam is any of the cargo that is literally 'jetisoned' before the ship actually sinks. If this is recovered it belongs to the ship owner or the insurer and any proceeds will offset the losses of the ship. Flotsam is the debris resulting FROM the shipwreck and is open for salvage. Of course salvage rights are MUCH more complicated now and even then I'm sure there were some major disagreements over what was flotsam and what was jetsam.
Anyway, 
to a very good first entry.
Count Zero
My first edited entry
Tenaka Posted Oct 31, 2003
That was purely up to the underwriters, but there are slips from the very first years of Lloyd's showing Premiums, rather than the method you describe. However yes such treansactions did occur.
Tenaka
My first edited entry
Baron Grim Posted Oct 31, 2003
AAh
. Ok 
. It's been years since I heard this story so I'm happy I had that much right. 
Count Zero
My first edited entry
J Posted Oct 31, 2003
Good work and good luck in future entries 
We need more capable writers here!
My first edited entry
Brendan Posted Nov 3, 2003
Congratulations on a excellent, well writen entry - it's hard to believe it is your first. I'm sure we are all looking forward to more quality articles from you.
Brendan - Hoping that his first article will get sent to a sub editor soon.
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